AFM Strikes Deal to Stay in Santa Monica

By Jorge Casuso

July 19 -- After months of negotiations, the American Film Market has signed a contract with the Loews Santa Monica Beach Hotel that will keep the world’s largest motion picture trade show in town through 2008.

The eight-day event -- which draws more than 7,000 industry professionals from some 70 countries and more than 300 exhibitors -- pumps between $15 million and $17 million into the local economy each year.

After holding the event in February for 14 consecutive years, the market switched its schedule to November beginning this year, when it will hold two events for the first time.

“The Loews and the City of Santa Monica have truly become the home of the AFM,” said Jonathan Wolf, the AFM’s managing director. “The worldwide response to the November market has been terrific. It promises to be the most exciting ever.”

AFM officials said that more than 250 companies have committed to exhibiting during the November 3 to 10, event, which marks the AFM’s 25th anniversary.

Santa Monica’s tourism officials hailed the news, noting that the event, which holds some 600 screenings of about 400 films for potential buyers, helps area businesses -- from hotels and restaurants to theaters and shops.

"The revenue AFM brings each year provides a welcome boost to our economy and contributes to the year-round success of smaller businesses that rely heavily on tourism dollars,” said Misti Kerns, president and CEO of the Convention & Visitors Bureau.

“It's great that the AFM will be in Santa Monica for the next four years,” she said. “We're thrilled with their commitment."

Come November, the 350-room hotel, which has been the venue for the AFM since 1991, will once again be transformed into a busy market place, with more 145,000 net square feet of exhibitor space where more than $500 million in motion picture and television production and distribution deals are closed each year.

“We are thrilled to extend our long-standing relationship with the American Film Market,” said Don Foreman, Loews’ regional vice president for sales and marketing. “They put on a first-class event that is a perfect fit for our Santa Monica property.”